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Heikki Vauhkonen 12.8.2010

Tulikivi Corporation. Heikki Vauhkonen 12.8.2010. Interim Report 01-06/2010. The Tulikivi Group´s second-quarter net sales were EUR 14.7. million (EUR 13.0 million, 04-06/2009), the operating profit was EUR 0.5 (-0.7) million and the result before taxes was EUR 0.2 (-0.9) million.

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Heikki Vauhkonen 12.8.2010

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  1. Tulikivi Corporation Heikki Vauhkonen 12.8.2010

  2. Interim Report 01-06/2010 • The Tulikivi Group´s second-quarter net sales were EUR 14.7. million (EUR 13.0 million, 04-06/2009), the operating profit was EUR 0.5 (-0.7) million and the result before taxes was EUR 0.2 (-0.9) million. • The Groups´s net sales during the report period were EUR 25.4 million (EUR 24.00 million, 1-6/2009), the operating profit was EUR -1.3 (-3.4) million and the result before taxes was EUR -1.7 (-3.9) million. • Earnings per share amounted to to EUR -0.04 (-0.08) in the report period and EUR 0.00 (-0.02) in the second quarter. • Cash flow from operating activities was EUR -2.1 (-1.4) million. • Order books at the end of the period were EUR 6.7 million (EUR 6.7. million on June 30 2009 and EUR 4.8. million on 31 December 2009). • With the company´s recovering sales and improved cost efficiency, the fullyear net sales are expected to be up from the previous year, and the result for the year is expected to be black.

  3. Managing Director's comments: • With new building recovering in the second quarter, demand has improved significantly in Finland and the neighbouring regions. • Demand for lining stone products also increased. • In Central Europe, consumers´ reluctance to make major investment decisions is having an impact on the sales of fireplaces. • The Group´s net sales will grow in the autumn as a result of normal seasonal variation and the recovery in the construction sector both in Finland and neighbouring regions, and sales will also be boosted by new products launced during the first half of the year. • Furthermore, higher energy taxation in Finland will motivate consumers to invest in saving energy. • The company´s centralisation and productivity improvement programme will continue to improve profitability in the latter half of the year.

  4. Future outlook • The increase in private house building in Finland will improve the demand for Tulikivi products. • Exports of lining stone products will continue at a good level. • In Central Europe the demand for fireplaces varies by country but is expected to remain lower than before as a whole. • New products will improve the company´s net sales during the the second half of the year. • With the company´s recovering sales and improved cost efficiency, the fullyear consolidated net sales are expected to be up from the previous year and the 2010 result before taxes is expected to be positive.

  5. Consolidated Income Statement, Summary MEUR 01-06/2010 01-06/2009 Change, % Sales 25.4 24.0 5.9 Operating profit -1.3 -3.4 62,2 Percentage of sales -5.0 -14.0 Result before tax -1.7 -3.9 56.1 Percentage of sales -6.8 -16.3 Profit/loss for the period -1.3 -3.1 56.9

  6. Key Figures 06/2010 06/2009 Outstanding orders (30 June), MEUR 6.7 6.5 Gross investments, MEUR 1.2 0.9 Gross investment, % of sales 4.8 3.8 Average number of staff 374 393 Earnings per share, EUR -0.04 -0.68 Equity per share, EUR 0.58 0.62 Equity ratio, % 35.8 39.6 Gearing, % 84.4 79.3 Current ratio 1.8 1.6 Number of shares average 37019770 37027647 Number of shares, 30 June 37019770 37019770

  7. Consolidated Balance Sheet MEUR 06/2010 06/2009 Assets Total non-current assets 33.4 35.9 Total current assets 27.1 22.4 Total assets 60.5 58.3 Equity and liabilities Total Equity 21.6 23.1 Total non-current liabilities 24.0 21.1 Total current liabilities 14.9 14.1 Total equity and liabilities 60.5 58.3

  8. Consolidated Cash Flow Statement MEUR 01-06/2010 01-06/2009 Cash flows from operating activities Profit for the period -1.3 -3.1 Adjustments: Non-cash transactions 2.5 2.8 Interest expenses and income and taxes 0.0 -0.3 Change in working capital -3.0 0.0 Interest paid and received and taxes paid -0.3 -0.8 Net cash flow from operating activities -2.1 -1.4 Cash flows from investing activities Investments in property, plant andequipment and intangible assets -1.3 -0.9 Grants received for investments and sales of property, plant and equipment 0.1 0.1 Net cash flow from investing activities -1.2 -0.8 Cash flows from financing activities Loans taken 5.0 Repayment of loans -3.0 -3.5 Dividends paid and treasury shares -0.9 -1.1 Net cash flow from financing activities 1.1 -4.6 Change in cash and cash equivalents -2.2 -6.8 Cash and cash equivalents at beginning of period 10.6 11.7 Cash and cash equivalents at end of period 8.4 4.9

  9. Thank you! Tulikivi Corporation 83900 JUUKA Tel. +358 (0) 207 636 000 www.tulikivi.com

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